Cleveland-Cliffs Inc. operates as a steel producer in the United States and Canada. It offers hot-rolled, cold-rolled, and coated products, such as aluminized, electrogalvanized, and galvalume products, as well as galvanneal and hot-dipped galvanized products; stainless and electrical products, including GOES, NOES, and auto chrome; plate products; and slab and other steel products. The company also provides non- steelmaking products comprising stamped components, tool and die, and tubing; and scrap, iron ore, HBI, coal, and coke products. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing products. In addition, the company is involved in the mining of iron ore; production of pellets and direct reduced iron; and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. It serves direct automotive, infrastructure and manufacturing, distributors and converters, and steel producers. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.
Cleveland-Cliffs (CLF) shares rose 1.95% to $11.52, outpacing the S&P 500's 0.32% gain, though the stock has dropped 7.76% over the past month versus the sector's 15.1% rise. The company is expected to report earnings of $0.25 per share for the upcoming quarter, a 155.56% increase year-over-year, with revenue projected at $5.6 billion, up 18.28%. For the full year, consensus estimates call for a loss of $0.12 per share and revenue of $21.09 billion, representing shifts of +95.16% and +13.34% respectively. Over the last 30 days, the Zacks Consensus EPS estimate has moved 28.13% higher, and Cleveland-Cliffs holds a Zacks Rank of #3 (Hold). The Steel - Producers industry, part of the Basic Materials sector, currently ranks in the bottom 37% of all industries.
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Cleveland-Cliffs Gets $500 Million DOE Support for Middletown Works Upgrade
Cleveland-Cliffs Inc. announced a $1 billion investment to modernize its Middletown Works facility in Ohio, supported by a $500 million award from the U.S. Department of Energy. Under the revised framework, Cleveland-Cliffs and the DOE will each fund $500 million of the project, which is expected to be deployed over the next four years while maintaining uninterrupted steel production. The project represents a rescoping of the company's previously planned decarbonization initiative, as Cleveland-Cliffs determined the original hydrogen-ready direct reduced iron plant was no longer commercially viable because customers were unwilling to pay a premium for lower-carbon steel. The revised plan focuses on improving the efficiency and productivity of the existing coal-fired blast furnace, including rebuilding and upgrading the main blast furnace, installing advanced material-handling infrastructure, and deploying artificial intelligence-enabled process-control technologies. The investment is expected to begin in the coming weeks, with the blast furnace rebuild targeted for completion in the first quarter of 2030, protecting approximately 2,300 jobs and supporting more than 1,500 workers at peak construction.
Cleveland-Cliffs Shares Rise on $1 Billion Middletown Modernisation Plan
Cleveland-Cliffs shares gained 2.0% in pre-market trading to $11.50 after the steelmaker announced a $1 billion modernisation programme for its Middletown Works facility in Ohio. The four-year investment will be funded equally by Cleveland-Cliffs and a $500 million award from the U.S. Department of Energy, and is designed to upgrade the site's blast furnace and material-handling infrastructure while introducing AI-enabled process controls. Plans also include a cogeneration facility capable of capturing blast furnace gas to produce electricity and steam, potentially reducing reliance on external power supplies and lowering operating costs. The project is expected to protect approximately 2,300 American jobs and reinforce the domestic steel supply chain, with Vice President J.D. Vance and U.S. Energy Secretary Chris Wright visiting the facility to highlight the Trump Administration's support for domestic steel production. Despite the positive response, Wall Street consensus remains at Hold with an average price target of $12.28, and the company exceeded earnings expectations in the second quarter of 2026 while returning to positive free cash flow.
Cleveland-Cliffs Outlines $1b Middletown Works Modernization
Cleveland-Cliffs has drawn fresh investor attention after outlining a US$1b modernization of its Middletown Works plant, supported by a US$500m Department of Energy grant and aimed at cleaner, more efficient automotive-grade steel production. Shares recently reacted to the announcement, with a 1-day share price return of 4.93% and a 30-day share price return of 19.26%, while the year-to-date share price return is down 17.13% and the 5-year total shareholder return is down 53.75%. The most followed narrative currently values Cleveland-Cliffs at $11.65 per share, slightly above the last close of $11.27, pointing to a modest undervaluation based on detailed earnings and cash flow work discounted at 11.7%. Strategic footprint optimization, internal coke and feedstock integration, and direct moves to lower fixed costs and SG&A have already resulted in unit cost reductions, with ongoing initiatives expected to deliver further cost savings, driving enhanced free cash flow, lower leverage, and a structurally higher earnings profile through improved operating margins. Cleveland-Cliffs still faces meaningful risks if U.S. steel tariffs ease or if its blast furnace heavy footprint becomes less competitive as cleaner technologies gain traction.
Cleveland-Cliffs Stock Jumps on $1 Billion Investment
Cleveland-Cliffs shares surged 7% after the steelmaker announced a $1 billion investment in its Middletown Works facility in Ohio. The investment will be partially funded by a $500 million grant from the U.S. Department of Energy and will upgrade the blast furnace operation with advanced technology to improve efficiency and extend its longevity. The stock also rebounded along with other steel names after a tentative U.S.-Canada trade agreement reportedly reduced tariffs on certain Canadian steel and aluminum exports from 50% to 25%. Cleveland-Cliffs' $2.5 billion acquisition of Canadian steelmaker Stelco in November 2024 is expected to benefit from the lower tariffs.
US to halve tariffs on Canadian steel and aluminum in tentative deal
The United States is expected to lower tariffs on Canadian steel and aluminum from 50% to 25% as part of a tentative trade framework between the two countries, according to reports from Bloomberg and others. Terms could still change before any official announcement, with different rates possibly applying to some derivative products, and details remain under discussion. Steel imports from Canada could face a quota system with higher tariffs on volumes exceeding the quota, while aluminum likely would not face a quota under current considerations. President Trump said the deal would also remove Canadian tariffs on US agricultural goods. Shares of Canadian steel producer Algoma Steel closed 17% higher, while US steel and aluminum producers including Nucor, Cleveland-Cliffs, Steel Dynamics, Reliance, Commercial Metals, Century Aluminum, and Kaiser Aluminum fell between 2.6% and 7.5%; Alcoa, which produces more than 1 million metric tons of aluminum per year in Canada, closed up 3%.
Visa, Shopify, and Caterpillar emerge as the new AI trade beyond semiconductors
Investors are broadening the AI trade beyond hyperscalers and semiconductor stocks, according to a discussion featuring Robinhood CIO Stephanie Guild and Payne Capital Management President Ryan Payne. Guild noted that starting in June, her firm rotated out of semis and into companies like Shopify and Visa, which she believes will benefit from AI-driven financial infrastructure growth. Payne highlighted that many portfolios remain heavily dependent on direct AI plays, but pointed to opportunities in banks trading at a 40% discount to the S&P 500, as well as healthcare stocks like Johnson & Johnson, which rose over 50% in the past year without relying on AI. The conversation also identified industrial names such as Caterpillar, which surged roughly 80% this year after being drawn into the AI ecosystem through turbine manufacturing, and Cleveland-Cliffs as the sole producer of grain-oriented electrical steel used in grid upgrades.
Cleveland-Cliffs Stock Jumps 8.9% on Strong Guidance Despite Quarterly Loss
Cleveland-Cliffs surged 8.9% on Friday to close at $11.93, extending a two-day rally after its second-quarter 2026 earnings report, even though the company posted a GAAP net loss of $134 million. Revenue rose to $5.2 billion, up $300 million from the first quarter, but adjusted net loss was $115 million, or $0.25 per share. The market focused on the forecast, with management guiding for third-quarter adjusted EBITDA of about $575 million, the strongest in three years, and expecting further improvement in the fourth quarter. The company also flagged a reset of expiring fixed-price contracts worth an estimated $500 million a year in added EBITDA, aiming to cut leverage below 2.5 times within about a year. The broader steel sector moved only modestly, with Nucor and Steel Dynamics each adding 2.7%, underscoring that the jump was driven by Cleveland-Cliffs' own outlook rather than a rising steel-price tide.
Cleveland-Cliffs Climbs 16% on Strong Earnings and Upbeat Outlook
Cleveland-Cliffs shares surged nearly 16 percent on Thursday after the company reported a sharply narrower second-quarter loss and issued a highly optimistic outlook. The steelmaker posted a net loss attributable to shareholders of $145 million, down 70 percent from $486 million a year earlier, while revenue rose 6 percent to $5.2 billion. Chairman and CEO Lourenco Goncalves cited strong domestic demand, subdued imports, and improving conditions in Canada as key drivers, and said second-half earnings should be the strongest since 2021. The company also announced that CFO Celso Goncalves has been promoted to president and will join the board, succeeding his father, who remains chairman and CEO. Despite the upbeat results, hedge fund participation slipped, with 53 funds holding positions in the first quarter, down from 56, and combined holdings falling 34 percent to $1.19 billion.
Cleveland-Cliffs promotes CFO Celso Goncalves to President and appoints him to the Board
Cleveland-Cliffs has promoted Executive Vice President and Chief Financial Officer Celso Goncalves to President and Chief Financial Officer and appointed him to the Company's Board of Directors, effective immediately. Chairman and CEO Lourenco Goncalves will relinquish the title of President but continue leading the company. Celso Goncalves has served as CFO since 2021 and has been with Cleveland-Cliffs since 2016. The Board cited his role in transforming the company into North America's largest flat-rolled steel producer and enhancing financial flexibility. Lourenco Goncalves described the move as the beginning of a thoughtful leadership transition while affirming his own commitment to leading the company for years to come.
Cleveland-Cliffs Reports Second-Quarter 2026 Results with Adjusted EBITDA of $286 Million
Cleveland-Cliffs reported second-quarter 2026 revenues of $5.2 billion and an adjusted EBITDA of $286 million, a $191 million increase from the prior quarter. The company posted a GAAP net loss of $134 million, or $0.25 per diluted share, and an adjusted net loss of $0.20 per diluted share. Chairman and CEO Lourenco Goncalves stated that adjusted EBITDA tripled from the first quarter and is expected to more than double in the third quarter to approximately $575 million. Steel product sales volumes were 4.0 million net tons, with an average net selling price of $1,124 per net ton. Liquidity stood at $3.1 billion as of June 30, 2026.
Cleveland-Cliffs Trades at $9.28 Ahead of Earnings, Seen as 14.5% Undervalued
Cleveland-Cliffs heads into its July 23 earnings report with its stock trading at $9.28, which is 14.5% below a widely followed fair value estimate of $10.86. The share price has fallen 26.81% over the past 30 days and 31.76% year to date, though the one-year total shareholder return is down a milder 2.11%. Bulls view the steel producer as a beaten-down name trading below intrinsic value, while bears point to recent losses and cautious sentiment around the upcoming results. The company has been cutting unit costs through footprint optimization, internal coke and feedstock integration, and lower fixed costs and SG&A, with further savings expected to boost free cash flow and reduce leverage. Key risks include a potential easing of Section 232 steel tariffs and rising decarbonization costs tied to its blast furnace footprint.
5 Broker-Liked Stocks to Watch Amid the Middle East's Uneasy Calm
Amid renewed U.S.-Iran hostilities and heightened Ukraine-Russia tensions, market volatility is making stock selection difficult for individual investors. A Zacks Investment Research screen identifies five broker-favored stocks with strong earnings estimate revisions and attractive valuations: Par Pacific, Bassett Furniture Industries, ChargePoint Holdings, Cleveland-Cliffs, and Alaska Air Group. Par Pacific benefits from diverse crude sourcing and a favorable refining environment, while Bassett Furniture is enhancing its business model despite a weak housing market. ChargePoint is capitalizing on EV adoption and improved financial flexibility, Cleveland-Cliffs gains from acquisitions and higher steel prices, and Alaska Air sees resilient air travel demand and fleet upgrades.
Cleveland-Cliffs Stock Trends on Earnings Estimate Revisions
Cleveland-Cliffs has drawn investor attention as analysts sharply raised earnings estimates, with the Zacks Consensus Estimate for the current quarter swinging to a loss of $0.18 per share, a 64% improvement from the year-ago period and a 150% upward revision over the past 30 days. The consensus estimate for the current fiscal year stands at a loss of $0.27 per share, reflecting an 89.1% year-over-year improvement and a 47.8% increase over the past month, while the next fiscal year estimate of $0.46 per share marks a 267.3% jump from the prior year and a 53.3% upward revision. These positive revisions have earned the stock a Zacks Rank #2, or Buy, suggesting potential near-term outperformance. The company reported revenues of $4.92 billion in its most recent quarter, a 6.3% increase year over year, and beat consensus earnings estimates in each of the trailing four quarters. Despite the improving earnings outlook, Cleveland-Cliffs receives a Value Style Score of D, indicating it trades at a premium relative to its peers.
Cleveland-Cliffs wins $400M U.S. Defense electrical steel contract
Cleveland-Cliffs Steel, a unit of Cleveland-Cliffs, won a maximum $400 million contract for grain-oriented electrical steel. The five-year agreement has no option periods and a performance completion date of September 8, 2030. It supports multiple U.S. military services, including the Army, Marine Corps, Navy, Air Force, and Space Force. The contract is funded under fiscal 2025–2029 transaction funds and was awarded through the Defense Logistics Agency Contracting Services Office in Ohio.
Morgan Stanley cuts Cleveland-Cliffs to Equal-weight, sees steel rally peaking
Morgan Stanley downgraded Cleveland-Cliffs to Equal-weight from Overweight, arguing that a supply-driven rally in U.S. steel prices is nearing its peak and that much of the benefit from elevated prices is already reflected in steel equities. The brokerage raised its near-term steel price forecasts after U.S. hot-rolled coil prices climbed to about $1,140 per short ton, supported by tight domestic supply, longer mill lead times, and higher import costs linked to Middle East disruptions, but it expects additional domestic production and rising imports to eventually ease the market, leading prices lower in 2027 and 2028. Morgan Stanley increased its price target on Cleveland-Cliffs to $12.50 from $12.00 but said the stock's roughly 50% rally since early April has left a more balanced risk-reward profile, with higher steel prices supporting near-term earnings but limited upside relative to peers. The bank now forecasts average hot-rolled coil prices of $1,112 per ton in 2026, $1,012 in 2027, and $900 in 2028, compared with previous estimates that were materially lower, and expects prices to remain elevated through the second half of 2026 before moderating as supply conditions normalize. Among North American steel producers, Morgan Stanley maintained an Overweight rating only on Commercial Metals Company, citing overly discounted concerns around new rebar supply, while keeping Equal-weight ratings on Nucor and Steel Dynamics and raising their price targets to $258 and $270, respectively. The firm also lifted its earnings forecasts across the sector to reflect stronger steel pricing, while cautioning that profitability is likely near a cyclical peak and could decline after 2027 as steel prices retreat from current levels.